Silver’s 'Liquidation Event' Tested $71 Support - Here is What Happens Next

Submitted by Gary S. Wagner on Friday, February 6, 2026 - 00:49.

Feb 5, 2026 Spot silver witnessed a massive liquidation event today, plunging double-digits and testing critical structural support in the low $70s. In this exclusive technical breakdown, Gary Wagner, Editor of The Gold Forecast, joins Jeremy Szafron to analyze the damage. Wagner identifies the $71 level as the "line in the sand" that must hold to keep the bull trend alive. He explains the massive divergence between silver’s volatility and gold’s relative strength, describing silver as "a candle that burns twice as bright but burns half as long." Despite the carnage,

Wagner maintains his bullish outlook, updating his year-end gold price target to a potential $6,000. Recorded on February 5, 2026 Key Topics Discussed: -The Silver Liquidation: Did the drop to $72.18 break the market structure? -Technical Damage Report: Analyzing the "Bearish Engulfing" candles and the long lower wicks. -Gold vs. Silver: Why Gold held the $4,800 range while Silver collapsed. -The Forecast: Wagner’s updated price targets for late 2026. -The Dollar: Analyzing the DXY breakdown to 95 and what it signals for metals. Timestamps:

00:00 Introduction and Market Overview
01:19 Spot Silver Analysis
01:54 Fundamental and Technical Factors
11:26 Gold Market Insights
18:15 Dollar Index and Market Sentiment
20:49 Conclusion and Final Thoughts